Trader Update -data point 02 November 2010-
...while institutions selling action is 'on hold' and RSI_30 still sits above the historically significant danger level '5'
the SPX 500 managed another rally, but so far unable to make it to the October 25 High *1196
...as a result, the market displays potential to move into the weekly 3-month resistance current *1214 and the April 2010 High *1220 (+) range
…failure in the range like in August 2008_May 2010_Month End October (??)
would target the October 12 Low *1156 as an initial, minimum down-target and a Close below the *1156 target confirms a potential double top
...on the flipside, a confirmed break-out, as outlined in the chart
would be bullish with a SPX 500 *1380 (+) as a minimum target
Kind Regards